Which of the following is true?
a. A lower price will increase your consumer surplus by the amount you were buying originally, times the reduction in the price.
b. A lower price will leave unchanged your consumer surplus for each of the units you were already consuming, but will increase consumer surplus from increased purchases at the lower price.
c. A lower price will decrease your producer surplus for each of the units you were producing, but will not change producer surplus by changing the quantity sold.
d. None of the above is true.
d
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Which of the following is not a characteristic of a prisoner's dilemma game?
A) Defecting is a dominant strategy for each player. B) Each player has two strategies: cooperate or defect. C) There is a single Nash equilibrium. D) The Nash equilibrium is the best outcome for each individual and for the grou
Moving downward along a linear (straight-line) downward sloping demand curve, the
A) slope is constant. B) price is constant. C) quantity is constant. D) elasticity is constant. E) None of the above answers is correct.